Allstate Corp Buys Shares of 8,758 Corebridge Financial, Inc. (NYSE:CRBG)

Allstate Corp acquired a new position in Corebridge Financial, Inc. (NYSE:CRBG) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 8,758 shares of the company’s stock, valued at approximately $262,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CRBG. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Corebridge Financial during the third quarter worth $27,000. Fortitude Family Office LLC bought a new stake in shares of Corebridge Financial during the 4th quarter valued at $27,000. FNY Investment Advisers LLC bought a new stake in shares of Corebridge Financial during the 4th quarter valued at $27,000. Smartleaf Asset Management LLC lifted its holdings in Corebridge Financial by 112.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock worth $27,000 after purchasing an additional 480 shares in the last quarter. Finally, Blue Trust Inc. boosted its stake in Corebridge Financial by 183.2% in the 4th quarter. Blue Trust Inc. now owns 1,127 shares of the company’s stock worth $33,000 after purchasing an additional 729 shares during the period. 98.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CRBG has been the topic of a number of recent analyst reports. BMO Capital Markets assumed coverage on shares of Corebridge Financial in a report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price target on the stock. Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price on the stock in a research note on Monday, January 6th. Morgan Stanley upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $35.00 to $43.00 in a research report on Friday, February 28th. Wells Fargo & Company upped their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Finally, Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a “hold” rating to a “buy” rating and lifted their price objective for the company from $33.00 to $40.00 in a research note on Friday, January 10th. One analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Corebridge Financial has an average rating of “Moderate Buy” and a consensus target price of $37.00.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $31.98 on Thursday. The company has a market capitalization of $17.78 billion, a price-to-earnings ratio of 8.46, a PEG ratio of 0.43 and a beta of 0.92. The business has a 50 day moving average of $32.71 and a 200 day moving average of $31.32. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13. Corebridge Financial, Inc. has a 1-year low of $23.97 and a 1-year high of $35.36.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. On average, sell-side analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were issued a $0.24 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.96 annualized dividend and a dividend yield of 3.00%. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s payout ratio is currently 25.40%.

Corebridge Financial Company Profile

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.